PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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ITAT modified the order of the Ld. CIT(A), holding that discrepancies in a third-party GST return cannot alone sustain an addition under s. 69C. The Tribunal found admitted purchases of Rs. 30,42,821 (not Rs. 76,10,580) and concluded the Assessing Officer's estimate was excessive. ITAT directed the AO to compute unexplained income by applying a gross profit rate of 5% on the admitted total purchases, thereby reducing the addition previously upheld by the CIT(A). The appeal of the assessee is partly allowed and remitted for assessment in accordance with this direction.
ITAT modified the order of the Ld. CIT(A), holding that discrepancies in a third-party GST return cannot alone sustain an addition under s. 69C. The Tribunal found admitted purchases of Rs. 30,42,821 (not Rs. 76,10,580) and concluded the Assessing Officer's estimate was excessive. ITAT directed the AO to compute unexplained income by applying a gross profit rate of 5% on the admitted total purchases, thereby reducing the addition previously upheld by the CIT(A). The appeal of the assessee is partly allowed and remitted for assessment in accordance with this direction.
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